THE ECONOMETRIC SOCIETY ANNUAL REPORTS, 1994 REPORT OF THE TREASURER.

Outlines the report of the treasurer of the Econometric Society, submitted on August 29, 1994. Since 1980 the explicit financial objective of the society has been to stabilize the ratio of end-of-the-year net worth (NW) to total revenues (TR) at a level of roughly 50 percent. Any tendency for the NW/TR ratio to grow substantially above 50 percent has been a signal that resources are available to be transferred back to the membership. As a result of this policy, during the period 1991 to 1992, the society experienced substantial financial losses that were largely intentional. As a result of several explicit policies, the NW/TR ratio fell from the end-1990 value of 0.71 to an end-1992 value of 0.58.